27. Which of the following is NOT a basic characteristic of perfect competition?

Question

27. Which of the following is NOT a basic characteristic of perfect competition?
A. considerable non-price competition
B. no barriers to the entry or exit of firms
C. a standardized or identical product
D. a large number of buyers and sellers

28. When a firm is maximizing profits it will necessarily be..29. In the long run under perfect competition most...30. The perfect competitor's horizontal demand curve illustrates..31. If perfect competitors are losing money in the short run, then in the long run there will be _____ firms in the industry and market price will ______. ..32. Which is the most accurate statement?
A. There are generally large economies of scale available to perfect competitors.
B. Perfect competition is an ideal state of affairs, which unfortunately, does not exist in any industry.
C. A perfectly competitive industry often has substantial barriers to entry.
D. Although perfect competitors produce an identical product, they do compete on the basis of price.

Explanation / Answer

C. a standardized or identical product B. Perfect competition is an ideal state of affairs, which unfortunately, does not exist in any industry.

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